According to the latest Demographia International Affordability Housing survey, which ranks the affordability of cities across the globe with major markets of populations over 1 million, New York does not place in the top ten most unaffordable cities in the world.
Should we worry about potential contagion to weak eurozone peripheral countries? I don't think so, as the current account balances of Greece, Italy, Portugal, and Spain have all virtually improved to zero, compared to India's 4.8 percent deficit.
Smaller U.S. firms competing locally also enjoy an edge over domestic, export-oriented competitors who are forced to bear the costs of producing to higher EU standards. But why would the EU agree to give up its unilateral ability to set global standards in any trade negotiation?